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Insurers are ranking almost dead last in customer satisfaction with the online customer experience, lagging behind banks and government, which are not typically known for their groundbreaking service. But, the numbers tell a more complex story. A new study quoted in Insurance Networking from the Boston Consulting Group (BCG) and Morgan Stanley reports that there’s a 69% satisfaction rating during the research process, and for a product as complex as insurance, that’s quite good. It precipitously drops to 38% when it comes to claims, however. In the same article, Jay Blickstein reports that for insurers the solution is: “Use new techniques such as tighter connectivity between devices, systems and services, as well as better handling of big data, to offer innovative products to younger and more affluent customers.” The article goes on to state that, “This type of technology-driven program has the potential to fundamentally change the business model of insurers around the world. Those who are slow to embrace this disruptive technological change run the risk of being left behind.” How Can Insurers Respond? Click to chat, co-browsing, and a hybrid solution featuring an easy-to-use website with live support from a call center standing by can make an enormous difference in improving customer satisfaction in insurance. But even those insurers who provide a great online research process and tackle the difficulty of the claims process need to look one-step further, according to Jon Picoult, founder of Watermark Consulting, a customer experience advisory firm, as quoted in Insurance Journal. “Focus on the interaction, not just the transaction,” Picoult says. To do this, insurance providers must deliver outstanding customer engagement across time and channels, across the customer journey, including insurer selection, coverage application, policy administration, risk control, claims processing, and coverage renewal. If you’d like to learn more, check out our latest white paper titled, Take the Insurance Customer Experience to the Next Level. You’ll learn how to:

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